Very similar to Calliteara horsfieldii, but this is probably not reported for the Indian subcontinent. So most probably another species.
http://www.nic.funet.fi/pub/sci/bio/life/insecta/lepidoptera/ditrysia/noctuoidea/lymantriidae/calliteara/#pudibunda
http://www.ccs-hk.org/DM/butterfly/Lymantrid/Calliteara-horsfieldii.html
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